Gold another 12h TF short opportunity comes

Price is confirming the trendline, if it cant be broke up in 2 hours, we can short gold for around 2-4 weeks, this could be a better chance than the last one. Price also retest the S/D zone on 4h chart. Let us wait for the hourly candle close.

Trade active

Order placed,
Entry: 1714
SL: 1720
TP1: 1685, TP2: 1650, TP3: 1600 and lower

Trade closed: stop reached

Note

Order closed but waiting for the next chance to short, same pattern but on a higher TF which is 4h. Be patient.

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Let us see if the sell signal will come in couple hours.

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Trade active

Entry: 1723
SL: 1741
TP1: 1650; TP2: 1600;

Note

The 4th time to test the top level, unless the price breaks up 1740 in the next 1-2 hours, midterm short will be confirmed.

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A boring day and a boring week, FOMC did not make any surprise for mkt. If people think gold is the safe-haven asset, the price needs to go up with negative GDP data, however, the price moved down after -4.8% GDP released. SPDR ETF added its inventory to a new high record on Wednesday but the price did not make a new high. Every time it happened before, Gold prices will go down in the coming days. I dont know if it will happen again, but I think the current shorting strategy still works, let us check the Thursday momentum.

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The shorting strategy works well, the price may pull back to test 1700 then fall down again

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1685 closed 1/3 position and hedged for the weekend. Shorting strategy still works, wait for the price pull back to test 1703, then closed hedged position, add short position back

Note

The hedged position closed and short position added at 1700, but it seems like the price prefers to move up if do so, the added position has to be closed.

feener

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feener